Interim Results-Part 1

Standard Chartered PLC
2 August 2000

PART 1

Standard Chartered s results

- Headline  earnings  up 28 per cent to £235 million  from  30  June  1999
  (£183 million) and up 43 per cent from 31 December 1999 (£164 million).
- Profit before taxation up 31 per cent to £356 million from 30 June  1999
  (£271 million) and up 51 per cent from 31 December 1999 (£236 million).
- Provisions  down  by  32  per cent to £164 million  from  30  June  1999
  (£240 million) and by 36 per cent from 31 December 1999 (£255 million).
- Net  revenue  up 6 per cent to £1,254 million from 30 June 1999  (£1,178
  million) and up 5 per cent from 31 December 1999 (£1,200 million).
- Non-interest income excluding dealing profits and exchange up 26 per cent
  to  £288  million from 30 June 1999 (£228 million) and by 7  per  cent  from
  31 December 1999 (£268 million).
- Cost increase held at 10 per cent (£734 million) from 30 June 1999 (£667
  million)  and  4  per cent from 31 December 1999 (£709 million).   Excluding
  acquisitions, costs increased by 4 per cent compared to the period ending 30
  June 1999.
- Interim  dividend  per share increased by 10 per  cent  to  7.425  pence
  reflecting a positive outlook in our markets, balanced with further         
  investment to drive even better returns.

Commenting  on  these  results, the Chairman of Standard  Chartered  PLC,  Sir
Patrick Gillam, said:

'The  performance  of Standard Chartered in the first half of  2000,  compared
with  the  first half of 1999, reflects the improving economic environment  of
our major markets and the results of our growth strategy. Looking forward, the
actions  we  are taking now will transform Standard Chartered and position  us
firmly as the leading emerging markets bank'.

Standard Chartered PLC
Summary of results for the first half of 2000

                                                 6 months  6 months  6 months
                                                    ended     ended     ended
                                                  30.6.00   30.6.99  31.12.99
                                                       £m        £m        £m
                                                                             
Results                                                                      
                                                                             
Operating profit before provisions                    520       511       491
Provisions for bad and doubtful debts               (164)     (240)     (255)
Operating profit before taxation                      356       271       236
Profit attributable to shareholders                   231       185       159
                                                                             
Balance sheet                                                                
                                                                             
Total assets                                       59,754    54,707    54,132
Shareholders  funds                                 3,650     3,425     3,366
Capital resources                                   6,349     5,410     5,334
                                                                             
Information per ordinary share                      Pence     Pence     Pence
                                                                             
Headline earnings per share                          22.1      17.7      15.5
Dividends per share                                 7.425      6.75      16.1
Net asset value per share                           321.2     304.5     298.4
                                                                             
Ratios                                                  %         %         %
                                                                             
Post-tax return on ordinary shareholders  funds                              
- headline basis (annualised)                        14.2      12.5      10.3
                                                                             
Cost to income ratio - headline basis                57.4      56.0      58.0
                                                                             
Capital ratios:                                                              
Tier 1 capital                                        9.3       8.9       8.6
Total capital                                        15.9      15.3      14.8


 Chairman s statement

The results

The performance of Standard Chartered in the first half of 2000, compared with
the  first  half of 1999, reflects the improving economic environment  of  our
major markets and the results of our growth strategy.

Pre-tax profit was £356 million, an increase of 31 per cent.

Revenues increased by 6 per cent to £1,254 million.

Non-interest income, excluding dealing profits and exchange, rose  by  26  per
cent to  £288 million.

The debt charge was reduced to £164 million from £240 million.

Costs  were  around  10  per  cent  up, reflecting  the  full  impact  of  the
Nakornthon, UBS and CIBC acquisitions.

Headline  earnings per share increased 25 per cent to 22.1 pence  compared  to
17.7 pence.

Tier one capital ratio is currently 9.3 per cent.

In setting the dividend we have taken into account that the key indicators for
future  growth  in our markets are positive and that we believe  that  further
investment  in our business can drive even better returns in the  future.   We
are  therefore recommending an increase in our dividend to 7.425 pence for the
half year, an increase of 10 per cent.

Strategy and the economic environment

In  February I said that recovery in the Asian economies would provide us with
the  environment to support our growth strategy and restore our profitability.
This  has been the case and most of our Asian markets are now forecasting  GDP
growth rates well over 5 per cent for this year.

Our strategy was set out very clearly when we reported our 1999 results.

Recovery  has  enabled us to grow our existing key businesses  in  Hong  Kong,
Singapore  and  Malaysia.   We have integrated the trade  finance  and  Export
Credit  Agency  activities purchased from UBS and CIBC and these  are  trading
well.

We  are also seeing contributions from the investment we have made  in  Taiwan
and  Thailand,  which has been greatly enlarged by the purchase of  Nakornthon
Bank where we own 75 per cent and have management control.  Both indicate they
have the potential to become key markets ranking with Singapore and Malaysia.

In  May  we  announced that we had reached agreement for the  US$1.34  billion
acquisition  of  Grindlays from ANZ.  This move makes Standard  Chartered  the
leading   international  bank  in  all  the  countries  in  South   Asia   and
significantly  strengthens our competitive position in the  Middle  East.   It
also provides us with a respected private banking business which is focused on
the emerging markets.  The acquisition of Grindlays was completed earlier this
week.   This  acquisition makes India, which has been very successful  in  the
first half, a new key market for the Group.

We  continue  to  seek  opportunities to grow  our  business  by  well  chosen
economically priced acquisitions.

Restructuring

We  announced in May that we were to undertake a strategic review of Chartered
Trust.    This  is  an  excellent  business  but  it  was  felt  that  another
organisation  might be better placed to exploit its potential in  the  UK  and
Europe.  A  number of approaches have been received from potential  purchasers
and  we expect to make a statement on the future of Chartered Trust within the
next few weeks.

We  believe that without a simple and cost effective structure, we will not be
able to achieve our ambitious goals. We have therefore decided to undertake  a
major  productivity programme to improve efficiency and customer  service.  To
build  an  appropriate  platform for future growth, we  need  to  combine  and
centralise  processing in low cost locations and simplify  the  organisational
structure.

The  total  cost of this very fundamental productivity programme is  currently
estimated at around £480 million over a three year period. We expect  to  take
£200 million of this as a restructuring charge in the current year.

Outlook

The  indications  for the rest of 2000 are encouraging. Looking  forward,  the
actions  we  are taking now will transform Standard Chartered and position  us
firmly as the leading emerging markets bank.

Sir Patrick Gillam                                                           
Chairman                                                        2 August 2000


 Group Chief Executive s review

Over  the  last 18 months we have done a huge amount to implement  our  growth
strategy  and to ensure that we emerged stronger from the Asian  crisis.   Our
results  today  demonstrate  that our actions are  beginning  to  bear  fruit.
Economic  growth has resumed in most of our markets and we are well positioned
to take advantage of this growth.

Growth initiatives

In  February 1999, I outlined the four elements of our strategy - to grow  our
business in our core markets, to identify and build new core markets, to build
the  strength  of  our  non-Asia Pacific businesses and to  grow  the  network
business.  I am glad to report that we are achieving all of them.

Our  three core markets of Hong Kong, Singapore and Malaysia offer significant
opportunities.  We have strengthened our position by moving branches to  areas
which  offer  greater opportunity for revenue enhancement.  We have  increased
market  share and revenues in our existing businesses and have identified  new
products and customer segments to drive future growth.

In  Consumer Banking, despite intense market competition, we have continued to
grow  our  mortgages,  cards  and deposit business.   On  new  products,  I  m
particularly pleased with our performance in investment services, where we are
a  market leader in Hong Kong and Singapore and have successfully launched  in
Malaysia  and  Taiwan.   In  Corporate  and  Institutional  Banking  we   have
significantly grown our businesses in custody, cash management and  structured
trade.

Our  efforts  to build new core markets of the size of Singapore and  Malaysia
are focused on Thailand and Taiwan.  In Thailand, following the acquisition of
Nakornthon  Bank, we now have 68 branches where previously we  had  just  one.
The  process  of  integration is on track with the  introduction  of  Standard
Chartered  products,  the  harmonisation of IT platforms  and  the  successful
completion  of a voluntary redundancy scheme which was accepted by over  1,000
people, thereby halving the number of employees.

In  Taiwan, our focus is on organic growth pending changes in the regulations.
We  are  growing revenue and market share through the opening of new  branches
and introduction of established products.

India  has had a very good first half.  We are clearly seeing the benefits  of
restructuring  and  refocusing the business and there is great  potential  for
more  growth.   With the acquisition of Grindlays, India is  now  a  new  core
market.  Our other businesses in the Middle East and South Asia also performed
very  well and, with the economies looking strong, we are confident that  this
is a region which offers even higher growth and returns than many of our other
businesses.

The acquisition of Grindlays has allowed us to make a major leap in the Middle
East  and South Asia, making us the leading international bank in the  region.
Since  announcing this acquisition in May, we have mobilised a  sizeable  team
across both banks to plan for the integration.  This is an excellent strategic
fit  with  our existing operations.  We have bought a highly regarded business
with  a  strong  management team where there are excellent  opportunities  for
synergies.

The  political  and  economic situation has been  difficult  in  a  number  of
countries  in  Africa.  However, we continue to believe in the value  of  this
franchise  and the quality of our business there.  For the third year  running
we have been voted the Best Bank in Africa.

Our  unique network is a great advantage and enables us to provide value added
products  and services to multinational companies.  We continue  to  add  blue
chip names from the United States and Europe to the clients we service in  our
markets.  The acquisition of the UBS and CIBC activities have made us  one  of
the  world  s leading providers of structured trade finance services  and  the
largest  foreign US dollar clearer in New York.  These are important strengths
which will help us develop our network business further.

Driving productivity

18  months ago I announced, in support of our growth strategy, a major project
to  improve  efficiency  and customer service.  Using  the  detailed  analysis
undertaken  as  part of the project, we are going to embark on  a  fundamental
programme  to  reshape  our  business.  This  will  give  us  the  operational
flexibility  to support our growth, be faster to the market with new  products
and improve our customer service.

We  will develop single processing centres to support all our businesses where
there are potential synergies.  We will centralise and outsource processing in
low  cost  centres and continue to implement best practice across  the  Group.
The  organisational  structure  will  be simplified  significantly  to  reduce
staffing  levels.   We  will  also generate big  improvements  by  integrating
Grindlays.  There are considerable benefits here alone.

All  in all, these initiatives mean we will reduce our headcount by 6,000 over
a  two  year period, while at the same time we will create 1,000 new  jobs  to
support our growth strategy.

The  cost  of these initiatives will be around £480 million.  It includes  the
Grindlays integration costs of £100 million.  We expect to take a £200 million
exceptional restructuring charge at the end of this year.  The remaining costs
will  be incurred in the next two to three years.  I am confident that we  can
achieve  on-going cost savings of £70 million in 2001 rising to  £170  million
per  annum with effect from 2003 as a result of this initiative.  We will also
have  a more robust operational base which will provide a solid foundation  to
support our future growth.

E-commerce

Our  e-commerce  activity has progressed significantly.  The last  six  months
have  validated  our  assumption that the incumbent  banks  in  Asia  have  an
advantage.   We are operating largely in protective or exclusionary regulatory
frameworks.   We  are  taking advantage of our position by delivering  on-line
services which will enhance our future ability to compete for new business and
reduce our operational cost base.

Many  initiatives have been launched and others are on track to be rolled  out
shortly.   Examples of these include the success of on-line Treasury  in  Hong
Kong and Singapore where foreign exchange transactions are initiated over  the
internet.   Our on-line mortgage service, delivered through both  PC  and  WAP
based  phone  technology,  is  generating  new  business  and  providing   the
opportunity for cross-selling.

The  internet  also brings us new ways of building value.   It  gives  us  the
opportunity  to  leverage our strong relationships with OECD buyers  and  Asia
suppliers.   We  are  bringing exporters and importers  together  on  an  open
platform  where  they can access financial, insurance, freight-forwarding  and
other  products.   It gives customers the ability to arrange all  their  trade
related  requirements through a single on-line source.   We  will  pilot  this
Global B2B Exchange in Hong Kong in December.

We  have  identified  Wealth Management and the Small  and  Medium  Enterprise
sector  as offering great potential for on-line delivery.  We expect  to  make
good progress in these areas over the next six months.

Building the world s leading emerging markets bank

Standard Chartered has achieved its aim of emerging stronger from the economic
turmoil in Asia.  As a result of our acquisitions and the prospective sale  of
Chartered  Trust,  our  focus  on  emerging  markets  is  even  sharper.   The
implementation  of  our  growth strategy and the planned  step-change  in  our
productivity will enable us to create greater value for our shareholders.   We
are building a bigger and more profitable emerging markets bank.

Rana Talwar                                                                  
Group Chief Executive                                           2 August 2000


 Operating and financial review

The Group s profit before taxation in the first half of 2000 was £356 million,
an  increase of 31 per cent over the six months to 30 June 1999 (£271 million)
and 51 per cent over the second half of 1999 (£236 million).

Net  revenue increased by 6 per cent to £1,254 million for the six  months  to
30  June  2000.  The Group s net interest margin reduced to 3.3 per cent  from
3.5  per  cent in the equivalent period last year and the interest spread  has
narrowed from 2.9 per cent in the first half of last year to 2.6 per cent this
half.  The increase in net interest income of 4 per cent to £851 million  was,
therefore, achieved through increased lending to customers and strong revenues
from deposits and cash management.  Customer accounts at 30 June 2000 were  13
per  cent  higher than at 30 June 1999.  In Hong Kong and other  Asia  Pacific
countries  mortgage  lending  increased by 11 per  cent  to  £10,167  million,
compared to the first half 1999.  Despite ongoing market competition, we  have
increased our market share.

Fees and commissions increased by 25 per cent to £262 million compared to  the
first half of last year as confidence returned to the Asia Pacific region  and
trade  and  investment  flows increased.  Dealing profits were  maintained  at
£115  million in line with the second half of 1999 but were 13 per cent  lower
compared  to  the  first  half of 1999, reflecting the  general  reduction  in
volatilities of currencies in Asia Pacific and lower market volumes.

Costs  increased  by 10 per cent to £734 million this half  compared  to  £667
million  in  the  first  half  of  1999.   This  was  largely  driven  by  the
acquisitions made over the last 12 months, including amortisation of goodwill.
Excluding  the effect of acquisitions, costs increased by 4 per cent  compared
to  the  first half of 1999.  The reduced Year 2000 costs have been reinvested
in  growth  initiatives.  Staff costs in the six months to 30 June  2000  have
increased  by  7  per  cent over the first half of 1999  reflecting  continued
investment  in people to ensure we are appropriately resourced and skilled  to
support the Group s growth initiatives and the end of pay restraints in Asia.

The  net  charge  for debts was down 32 per cent to £164 million  in  the  six
months  to 30 June 2000 compared to the first half of last year (£240 million)
and  by  36 per cent compared to the second half (£255 million).  The economic
recovery  in  Asia  Pacific  has resulted in the debt  charge  for  Hong  Kong
continuing  its downward trend; £108 million in the first half  of  1999,  £70
million  in  the second half and £33 million in the first half of  2000.   The
debt  charge for other countries in Asia Pacific peaked in the second half  of
1999  at £108 million and had reduced 59 per cent to £44 million in the  first
half of this year.

The  deteriorating economic and political situation in Zimbabwe has,  however,
resulted  in  an  increased  overall debt charge for  Africa  of  £22  million
compared  to  the  equivalent period last year.   The  Americas  and  UK  have
experienced increased debt charges mainly reflecting lower recoveries and  new
provisions  in  respect of exposures in Venezuela and Colombia where  economic
conditions remain difficult.

Geographic performance

Profit before taxation in Hong Kong doubled to £162 million in the first  half
of  2000,  compared  to  the first half of 1999 (£81 million).   The  economic
recovery in Hong Kong has contributed significantly to a reduction in the debt
charge  and an increase in net interest income through business growth despite
the pressures on margins.  Fees and commissions were eight per cent higher  at
£71 million, compared to the first half of 1999, with strong growth in custody
and investment services.  Costs have been held at £166 million, an increase of
only three per cent compared to the first half of last year through savings in
staff costs and the move to Standard Chartered Tower.

In the rest of Asia Pacific, where the economic recovery preceded that in Hong
Kong,  revenues in the first half of 2000 have grown an encouraging  nine  per
cent,  compared  to the first half of 1999.  There has been strong  growth  in
fees and commissions from trade, credit card and custody business.  Costs have
been  driven  by  the investment in new core markets including the  Nakornthon
acquisition and the relaxation of industry wide wage constraints.

The Middle East and South Asia delivered a greatly improved result with profit
before provisions in the six months to 30 June 2000 double those of the  first
half of 1999.  India has performed particularly well with strong growth in the
cards  business and increased customer lending.  The results also reflect  the
benefit of the lower cost structure arising from the refocus and repositioning
of the business which was completed in 1999.

In  Africa, net revenues increased by seven per cent to £118 million over  the
equivalent  period last year with strong growth in interest  and  fee  income.
Costs,  however, were up by 19 per cent to £69 million, compared to the  first
half of 1999, due to inflationary pressures, greater expenditure on technology
and staff and our re-entry into Nigeria.  Compared to the second half of 1999,
the cost increase was contained at eight per cent.

Our business in the Americas and the UK is primarily focused on supporting the
needs of our multinational corporates and institutions.  The results have been
adversely  affected  in the first half of 2000 by lower foreign  exchange  and
other  treasury revenue.  The trade finance and ECA activities purchased  from
UBS  and  CIBC  have  been fully integrated and are performing  ahead  of  our
original projections.

 Business performance

Consumer Banking s trading profit was £245 million in the first six months  of
2000,  an  increase of 22 per cent over the equivalent period last year.   The
growth  in  trading  profit was due to an increase of 10 per  cent  in  profit
before provisions compared to the first half of 1999 and a reduction of 23 per
cent  in the debt charge.  Ongoing competition for mortgages and credit  cards
has  kept  considerable pressure on margins, particularly  in  Hong  Kong  but
intensive sales and promotion efforts have enabled us to grow market share and
increase lending volumes.

Improved  economic conditions and intensified collection efforts led to  lower
delinquencies  in  all  our  core markets.  In  Singapore  and  Malaysia,  the
property  market  has  showed signs of recovery but in Hong  Kong  it  remains
sluggish.

Corporate  and Institutional Banking s trading profit was £56 million  in  the
six  months  to  30 June 2000, compared to a loss of £5 million  in  the  same
period last year.  Profit before provisions was up by two per cent compared to
the  first half of 1999 but the real impact was seen in the debt charge  which
reduced  by  34 per cent to £109 million compared to the first half  of  1999.
The  improved economic environment combined with the ongoing reshaping of  the
portfolio contributed to a reduced debt charge and lower non-performing loans.

Income from cash management increased following the successful acquisition  of
a  number of operating accounts of large multinationals.  Custody revenues are
up  by 47 per cent and assets under administration have increased by nearly 30
per cent.

Treasury s trading profit was £82 million, a reduction of 27 per cent compared
to  the first half of 1999.  Revenues from asset and liability management were
lower due to a rising interest rate environment and flattening yield curves in
all  major currencies in the first half of 2000.  Lack of volatility and lower
spreads made foreign exchange trading difficult in the period.

Summary

The  results  in  the six months to 30 June 2000 have been in  line  with  our
expectations.   We  are  seeing encouraging signs for further  revenue  growth
right  across Consumer and Corporate Banking.  The debt charge abated  in  all
our major markets and we expect this trend to continue in the second half.


 Standard Chartered PLC
Consolidated profit and loss account
For the six months ended 30 June 2000

                                                 6 months  6 months  6 months
                                                    ended     ended     ended
                                                  30.6.00   30.6.99  31.12.99
                                          Notes        £m        £m        £m
                                                                             
Interest receivable                                 2,041     1,845     1,885
Interest payable                                  (1,190)   (1,027)   (1,067)
Net interest income                                   851       818       818
Fees and commissions receivable, net                  262       209       229
Dealing profits and exchange                3         115       132       114
Other operating income                      4          26        19        39
                                                      403       360       382
Net revenue                                         1,254     1,178     1,200
Administrative expenses:                                                     
Staff                                               (379)     (354)     (359)
Premises and equipment                               (87)      (86)      (86)
Other                                               (197)     (182)     (192)
Depreciation and amortisation                        (71)      (45)      (72)
Total operating expenses                            (734)     (667)     (709)
Operating profit before provisions                    520       511       491
Provisions for bad and doubtful debts     1,2,11    (164)     (240)     (255)
Operating profit before taxation           1,2        356       271       236
Taxation                                    5       (114)      (80)      (69)
Profit after taxation                                 242       191       167
Minority interests (equity)                           (4)       (6)       (8)
Minority interests (non-equity)                       (7)         -         -
Profit for the period attributable to                 231       185       159
shareholders
                                                                             
Dividends on preference shares              6         (8)       (8)       (8)
Dividends on ordinary shares                7        (80)      (71)     (171)
Retained profit for the period             10         143       106      (20)
                                                                             
Exchange rate US$/£ - average                        1.57      1.62      1.62

1st half 1999 figures are as published.  2nd half 1999 figures are arrived at
by taking the full year 1999 figures and deducting the 1st half.


 Standard Chartered PLC
Summarised consolidated balance sheet
30 June 2000

                                                  30.6.00   30.6.99  31.12.99
                                          Notes        £m        £m        £m
                                                                             
Assets                                                                       
Cash, balances at central banks and                                          
cheques in course of collection                     1,276       326       643
Treasury bills and other eligible bills             2,486     3,749     2,701
Loans and advances to banks               1,11     13,271    12,616    11,401
Loans and advances to customers           1,11     31,789    28,406    28,797
Debt securities, equity shares and                                           
interests in associated undertakings                6,044     4,087     5,114
                                                                          366
Intangible fixed assets                               370       252       366
Tangible fixed assets                                 606       528       599
Prepayments, accrued income and other               3,912     4,743     4,511
assets
Total assets                                       59,754    54,707    54,132
                                                                             
Liabilities                                                                  
Deposits by banks                                   7,877     6,692     5,555
Customer accounts                                  37,765    33,504    35,149
Debt securities in issue                            2,946     3,049     2,665
Accruals, deferred income and other                 4,817     6,052     5,429
liabilities
Subordinated liabilities:                                                    
Undated loan capital                                1,009       975       954
Dated loan capital                                  1,305       953       945
Minority interests                                    385        57        69
Shareholders  funds                        10       3,650     3,425     3,366
Total liabilities and shareholders                 59,754    54,707    54,132
funds
                                                                             
Exchange rate US$/£ - period end                     1.51      1.58      1.62


 Standard Chartered PLC
Consolidated statement of total recognised gains and losses
For the six months ended 30 June 2000

                                                 6 months  6 months  6 months
                                                    ended     ended     ended
                                                  30.6.00   30.6.99  31.12.99
                                                       £m        £m        £m
                                                                             
Profit   for   the   period   attributable   to       231       185       159
shareholders
Exchange translation differences                       45        52      (39)
Unrealised   net  deficit  on  revaluation   of         -         -      (10)
premises
Total  recognised  gains  and  losses  for  the       276       237       110
period


Historical cost profits and losses
For the six months ended 30 June 2000
                                       
There  is  no  material difference between the results  as  reported  and  the
results   that  would  have  been  reported  on  a  historical   cost   basis.
Accordingly, no note of historical cost profits and losses has been included.


 Standard Chartered PLC
Consolidated cash flow statement
For the six months ended 30 June 2000

                                                 6 months  6 months  6 months
                                                    ended     ended     ended
                                                  30.6.00   30.6.99  31.12.99
                                                       £m        £m        £m
                                                                             
Net cash inflow from operating activities (see        826       421       560
note 14)
                                                                             
Returns on investment and servicing of finance                               
Interest paid on subordinated loan capital           (59)      (42)      (60)
Subordinated loan capital issue expenses              (9)       (4)         -
Dividends paid to minority shareholders of            (2)       (4)      (18)
subsidiary undertakings
Dividends paid on preference shares                   (8)       (8)       (8)
Net cash outflow from returns on investment and      (78)      (58)      (86)
servicing of finance
                                                                             
Taxation                                                                     
UK taxes paid                                         (2)      (24)      (37)
Overseas taxes paid                                  (59)      (75)      (93)
Total taxes paid                                     (61)      (99)     (130)
                                                                             
Capital expenditure and financial investment                                 
Purchases of tangible fixed assets                   (68)      (96)     (123)
Acquisitions of treasury bills held for           (2,537)   (3,693)   (2,006)
investment purposes
Acquisitions of debt securities held for          (2,859)   (2,725)   (4,366)
investment purposes
Acquisitions of equity shares held for                (6)       (1)       (4)
investment purposes
Disposals of tangible fixed assets                     10         8         7
Disposals and maturities of treasury bills held                              
for investment purposes                             2,788     3,011     3,003
                                                                             
Disposals and maturities of debt securities                                  
held for investment purposes                        2,328     2,438     3,360
                                                                             
Disposals of equity shares held for investment          1         -        19
purposes
                                                                             
Net cash outflow from capital expenditure and       (343)   (1,058)     (110)
financial investment
                                                                             
Net cash inflow/(outflow) before acquisitions                                
and disposals, equity dividends paid and              344     (794)       234
financing
                                                                             
Acquisitions and disposals                                                   
Purchases of interests in subsidiary                 (11)         -     (203)
undertakings
Purchases of other businesses                           -     (129)         -
Net cash outflow from acquisitions and               (11)     (129)     (203)
disposals
                                                                             
Equity dividends paid to members of the Company      (84)      (87)      (65)
                                                                             
Financing                                                                    
Proceeds from issue of ordinary share capital          14       393         6
Share issue expenses                                    -       (4)         -
Proceeds from issue of preferred securities           307         -         -
Proceeds from issue of subordinated loan              343       728         -
capital
Repayment of subordinated liabilities                (11)         -         -
Net cash inflow from financing                        653     1,117         6
                                                                             
Increase/(decrease) in cash in the period             902       107      (28)


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